The economic majority includes both.
Components of the economic majority include those who hold bitcoins (who might be referred to as “old money”) as well as those wishing to acquire bitcoins (who might be referred to as “new money”).
Many who are “old money” will have lent out bitcoins.
The loan agreements will likely have the stipulation that if the rate of currency issuance varies, the repayments would need to be adjusted somehow — affecting the principal and/or interest to be repaid. If there were to be a fork in the protocol where repayment was attempted with devalued coins, the lender could insist on repayment of coins that follow the protocol that was in force at the time when the loan was agreed to. (Essentially, coins that have no significant level of “taint” that exists after the fork). If the lender won’t accept the devalued coins then the coins generated under the changed protocol are of no value to the borrowers.
So those who lend out their coins are essentially “buyers” of coins at future points in time (when the repayments occur) and thus are represented in the economic majority just as much as those considered “new money” who wlll buy from the next block of coins.
